March 28, 2017 / 6:15 AM / 2 years ago

Schlumberger says bought stake in rig firm Borr Drilling

The exterior of a Schlumberger Corporation building is pictured in West Houston January 16, 2015. REUTERS/Richard Carson

OSLO (Reuters) - Schlumberger (SLB.N), the world’s top oil services provider, has bought a stake in upstart rig operator Borr Drilling BORR.NFF.

The investment was made through a newly created venture fund, which has the ultimate goal of securing more activity for Schlumberger, Chief Executive Paal Kibsgaard said in a statement.

He did not disclose the size of the investment and the company was not immediately available for comment.

Norwegian financial daily Finansavisen reported on Tuesday that Schlumberger had taken a 20 percent stake in Borr through a $220 million investment.

Reporting by Terje Solsvik, editing by Gwladys Fouche

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